UK Treasury outlines plan to regulate stablecoins and issue an NFT

UK Treasury outlines plan to regulate stablecoins and issue an NFT

The chancellor of the United Kingdom, Rishi Sunak, plans on Monday to regulate stablecoins and issue an NFT to position Britain as an important tech center. The UK is a cryptocurrency-friendly tech hub.

The move would allow stablecoins to be recognized as valid forms of payment, according to the Treasury stated in a statement, saying that with proper regulation, they can provide an efficient payment method and give consumers more choices.

“We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term,” Sunak stated.

Sunak has also made an application to the Royal Mint for it to issue an NFT.

The Royal Mint is a government-owned mint that makes coinage for the United Kingdom. The Royal Mint said that it would provide further information soon in an email.

UK Treasury outlines plan to regulate stablecoins and issue an NFT

UK Treasury outlines plan to regulate stablecoins and issue an NFT

The Treasury announced that the move reflects the “forward-looking approach we are determined to take towards crypto assets in the UK on its official Twitter account.” The tweet also stated that it would be available by summer.

Alongside these rules and regulations, the Treasury will also introduce a “financial marketplace infrastructure sandbox’ that will allow companies to explore and experiment and discover ways to increase the efficiency and efficiency of this UK tax system to facilitate further growth in the cryptocurrency market, the Treasury said.

The move is amidst an extended period of confusion over crypto regulations in the UK as companies are waiting for the verdict of the financial regulator over anti-money laundering licenses.

The process, administered by the Financial Conduct Authority (FCA), has forced several to rethink their position within their place in the UK market, such as the crypto market makers B2C2 and wallet maker Wirex, which have been forced to look for licenses from other authorities.

Today, the FCA also asked for participants in its inaugural “Crypto Sprint” event, and it also promised to collaborate with the sector to inform its policymaking.

In a blog post on its website on Monday, the FCA stated that May 10, 11 and 12 would gather the top industry players such as crypto experts, technologists, academics, financial experts, regulated institutions, and consumer-related bodies.

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